Can I Discount my Casino Winner Annuity for a Lump Sum Cash Amount?
It is not uncommon for casino operators to remit you your jackpot or you big casino winning in the form of periodic payment annuities that gets spread over many years.
Considering that no casino players has a way to know if or when he/she would hit a big one at a casino, no one reads the fine print declarations posted (if at all) at a casino on how they would pay a big winner.
It is usually only after the casino executives (a.k.a. casino bosses) have verified and confirmed your big win that you would know they would be paying you in relatively small periodic payments over time -often over many years. Learning about that payment plan could seem like bit of a downer, but all is not lost.
In principle, your casino winnings -even when you are being paid in relatively small periodic payments spread over many years -are no different than all your other assets or equities. Just as easily you can sell your real estate property assets, gold, diamonds, automobiles, or any other assets, you have an option to "sell" your casino winnings for lump sum cash.
There are many discount brokers or factoring companies that would gladly buy those periodic payments guaranteed by a regulated casino. The actual lump sum cash payout due to you would depend upon the specifics of your periodic payment (amounts of payments, frequency, and overall time-span thereof) plan, but the amount that you would be receiving would be equal to the discounted face value of the remaining amount that you are yet to receive from the casino.
Even though your casino says that your winnings are being paid in the form of a non-transferable annuity, it is perfectly legal for you to trade it for a bundle of cash with the help of a discount broker or a factoring company. All you would need to provide your discount broker would be probably a copy of the award letter given to you by the casino, and some form of official identification.
Therefore, if you wish to convert your winnings (all of it or a part thereof) into a lump sum amount of cash today so that you can put it to good use for your personal or business needs, you should expect to be able to do so quickly -usually in a matter of weeks if not days.